In the recap of this week, the Coronavirus is the main topic. The pandemic fears have wiped out $3.4 trillion from the U.S. S&P 500, in just 6 trading days going from record highs to a correction as of yesterday. And more losses are coming today. U.S. stocks are having their worst week since the 2008 financial crisis. That’s the fastest such movement in over 70 years.
U.S. Treasury Yields hitting new record lows Friday as investors look for safety. Panic grows over the coronavirus pandemic & its impact on the global economy. Crude oil prices for April fell Friday again, heading lower every session this week & down over -20% for the week. Commodities returns plunge due to coronavirus
Returns from commodities have plunged to their lowest level since 1987, on fears that the fast-spreading coronavirus, will soon crush demand for raw materials, fuel & food on a global basis. This includes the energy sector, industrial & precious metals, grains & other agricultural items.
Brazil confirms Latin America’s 1st infection, while Algeria, Denmark, Greece, Norway, Pakistan, Romania & Sweden report their 1st cases. The U.S. & South Korea are postponing joint military drills. Australia has now initiated emergency measures & Taiwan raised its epidemic response to its highest level as Saudi Arabia banned pilgrimages to Mecca.
Bob Iger is stepping aside as Walt Disney’s CEO; HK$120B to stimulate the Hong Kong economy; Amazon opens its 1st full-size cashier-less store in Seattle; India and the US strengthen their military and commercial ties; Former Egyptian president Mubarak dies; The US will impose more sanctions on Venezuela’s oil sector; Trump plans to apply “The Defense Production Act”; Political hardliners won the elections in Iran.